Statement from CBAC Gaming, LLC
re Baltimore City Board of Estimates Approvals: Harrah's Baltimore Casino
BALTIMORE, Oct. 31, 2012 /PRNewswire/ -- The approval of the land disposition agreement and ground lease between CBAC Gaming, LLC and the City of Baltimore paves the way for Caesars Entertainment and its partners to move forward with its planned development of the Harrah's Baltimore Casino scheduled to open mid-2014. The $375 million project brings thousands of new jobs to Baltimore -- 2000 construction jobs and 1200 permanent jobs at the VLT only facility.
According to local partner Theo Rodgers, CEO of A&R Development Corp., "This will be a transformational project for Baltimore. It creates a new and dynamic gateway for the City. It extends the tourism footprint. And it will be the catalyst for new development, creating even more jobs, economic prosperity and increased tax revenues. If Question 7 passes, we will invest an additional $25 million and add jobs and amenities that will further enhance the project and maximize its incremental impact on tourism and the City. This underused corridor will become an exciting new entertainment district."
If Question 7 passes, enabling the casino to add table games to its offerings, there will be an additional 500 good paying jobs added to the 1,200 employees who will staff the VLT-only facility.
Harrah's Baltimore Casino is led by Caesars Entertainment, the world's largest gaming company, co-investors Rock Gaming and a large local consortia of partners who are respected business leaders and philanthropists including Theo Rodgers, Tony Deering, Eddie Brown, Steve Fader, Michael Bronfein, Maria Beckett and Cecil Flamer.
About CBAC Gaming, LLC
CBAC Gaming, LLC is a world-class consortium boasting unmatched expertise and a proven track record in gaming development and operations, entertainment, capital management and urban development and renewal. Caesars Entertainment Corporation is the lead investor and gaming operator for the proposed Harrah's Baltimore VLT facility, in partnership with CVPR Gaming Holdings, LLC; Rock Gaming, LLC; STRON-MD and most recently, PRT TWO, LLC.
SOURCE CBAC Gaming, LLC
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